Thanks for the interest! Subtitles have been discussed in the past, but it would be a very large project that I don’t care to invest in. If there were a way to take the existing subtitle files, edit one of them to be correct, then be able to apply those changes to the other language tracks automatically, I’d probably do it. But it would take so much work and it’d only result in an English track. Not so special. And I haven’t heard of any fan edits with full subtitles tracks that aren’t in another language to begin with.
V4 will be the final iteration of this project. Episode I has been released in V4, through the torrents and Mega links found at FanEdit.info. Episodes II and III are awaiting the completion of Schorman’s HDTV preservation project in order to use it as the primary video source and bypass the BluRay transfer’s oddities. I don’t have a definite date, though Episode III shouldn’t be much longer, as it sounds like he’s about done with that one. However, don’t hesitate to download and enjoy V3 for II and III in the meantime; there’s nothing wrong with them or anything.
I don’t know how old your kids are, but I’d be interested in how they perceive all six films, but particularly anything related to changes made to the prequels. When my niece watched the films with us, she was challenged at school to a Star Wars trivia game, and she only missed one question. The question involved the circumstances of Padme’s death, which she insisted she was right about. Oops! Probably should have explained some of the differences to her afterward, though she did know she was watching a fan edit. Part of the benefit is being able to not think about the originals and enjoy them as their own thing.